Greece’s fleet remains world’s most valuable

VesselsValue says China still has the most valuable container fleet despite also seeing the largest drop in worth.

Greece remained the world’s top ship-owning nation as the country’s total fleet value surpassed U.S. $105 billion, according to VesselsValue’s 2019 top 10 global fleet units. The Greek company-owned fleet’s $5.64-billion value increase from 2018 was the second largest among the top 10 countries and trailed only China’s $6.3 billion growth. Japan remained second in overall value at $94.72 billion — up from $89.12 billion in 2018 — and China stayed at No. 3 at $90.88 billion. The United States, which was fourth in overall value in 2018, fell to sixth this year as the country’s fleet value dropped from nearly $47 billion to about $44.52 billion, which was the largest loss among any of the top 10 countries. Germany, which lost about $1.8 billion in value to $31.46 billion, and Denmark, which fell nearly $700 million to about a $23 billion value, remained at seventh and 10th, respectively. Singapore ($49.97 billion) and Norway ($48.85 billion) both moved ahead of the U.S. to claim fourth and fifth, respectively. Overall, the top 10 countries added a combined $17.6 billion in value.

China’s container fleet ($17.29 billion) remained the most valuable container fleet, but the country also saw the list’s largest drop in container value with a $2.5 billion decrease from 2018. Germany’s container fleet remained the second-most valuable at $16.42 billion despite a $1.7 billion decrease. Singapore’s container fleet value surged to $10.15 billion from $5.38 billion in 2018, the largest container fleet value increase, and moved the nation from sixth to third in container value. “The majority of their ($3.1 billion total fleet value) increase comes from their container growth, most notably attracting the Japanese container liner merger ONE to locate to Singapore,” reads the VesselsValue report. Japan ($10.113 billion) fell just behind Singapore in container value. Denmark’s container market remained its strongest with a value $8.988 billion, which was fifth among countries on the top 10 list. South Korea, with total value rising by $5.54 billion to north of $30 billion, overtook the United Kingdom ($29.03 billion) for eighth on the overall value list. South Korea’s container fleet value increased by more than $3 billion to $5.66 billion.

Greece, which had a $7.69 billion container fleet value, maintained its top spot in tanker value ($38.4 billion) and surpassed Japan for the top position in liquefied natural gas (LNG) value ($18.4 billion). Japan remained second in LNG value at $15.26 billion, which is about $9.5 billion more than China’s third-place $5.75 billion value. The Japanese fleet was the most valuable in bulker ($40.78 billion), reefer ($513 million), small dry ($3.53 billion) and liquefied petroleum gas ($4.07 billion). Norway remained No. 1 in value in mobile offshore drilling unit value ($11.84 billion), despite a $2.19 billion decrease from 2018. The country also had the most valuable offshore construction vessel fleet at $5.47 billion. The U.S. maintained the most valuable offshore support vessel fleet ($5.08 billion), but the value decreased by nearly $2.4 billion. The United States’ offshore construction vessel fleet value was second on the list at $2.32 billion. “U.S. exposure to the offshore markets, which have suffered further asset value declines, has knocked the nation down to sixth place in terms of corporate ownership” reads the VesselsValue report.

“One major contributing factor to their declining asset value is that the country has the highest number of offshore vessels aged 15 years and older. This percentage of old, potential scrap candidates will have a negative effect on overall asset value.”

AASHTO and its member state departments of transportation stand ready to work with the administration and Congress on a national plan to shore up the Highway Trust Fund and make the investments needed to modernize our aging transportation infrastructure.

Jim Tymon, American Association of State Highway and Transportation Officials executive director

Drewry’s World Container Index, a composite of container freight rates on eight major routes to and from the U.S., Europe and Asia, was down 3.2 percent to $1.664.24 per 40-foot container as of Feb. 7.